BitMine Adds 27,180 ETH and Nears 5% of the Ethereum Supply

BitMine Immersion Technologies bought 27,180 ETH in the week to 13 September. The company published the figure on Monday, 14 September, and the buy was worth about $68 million. Its Ethereum holdings now stand at 5,956,378 ETH, or roughly 4.9% of the 122.0 million tokens in circulation. That is close to the 5% of supply the firm has chased since it began buying on 30 June 2025, and by its own reckoning it is 98% of the way there after 15 months.

What the $2,513 figure is

The release values the position at $2,513 per ETH, the Coinbase price as of 5:30 pm ET on 13 September. At that mark the week's 27,180 tokens come to $68.3 million, the number The Block published on Monday morning. Decrypt, the same day, put the purchase at about $68 million against a market price of $2,504.91. The social post that carried this story labelled $2,513 an average purchase price. BitMine's own statement does not call it that. It is the price used to value the entire treasury on a single evening, not a cost basis for a week of buying, and the two readings do not reconcile.

The full position works out at $14.96 billion on the company's own arithmetic. Add 212 BTC, $549 million in cash and marketable securities, a $180 million stake in Beast Industries and $98 million in Eightco Holdings, and BitMine reports $15.8 billion across crypto, cash and what it calls moonshots.

Most of the position is staked

Some 5,067,309 ETH, about 85% of the holdings, is staked and worth $12.7 billion at the same mark. Staking here means locking tokens into Ethereum's validator system in exchange for network rewards. The seven-day annualised yield on that position ran at 2.62%, which the company turns into roughly $334 million of staking revenue a year. Were the whole 5.96 million staked, BitMine puts the annual reward at $392 million. The release did not address the remaining 15%.

An adviser sees a sharp move coming

Tom Lee, BitMine's chairman, said the ETH/BTC ratio had reached its highest level since 30 January, and that ether had outperformed the S&P 500 by 5,866 basis points through the previous Friday. Tom DeMark, who advises the company, was blunter about the weeks ahead.

"We expect late August's sharp one-day rally was a likely preview of the pending advance," DeMark said.

Neither statement is a forecast the market has to honour. Ether traded above $2,500 on Monday, up 1.4% over 24 hours, and BMNR closed the previous Friday at $25.03, a gain of 3.43% on the day. Lee said the company has bought ether every week since the strategy started.

Still short of the target

The pace has slowed little. BitMine added 27,084 ETH in the last week of June, a near-identical clip that took it to 5.7 million tokens and about 4.7% of supply. Holdings were 5.39 million in late May, then about 4.47% of supply. The firm is also one of the backers of the nonprofit set up in July to handle institutional outreach for Ethereum, so its interest in the asset is not confined to the balance sheet. On a supply of 122.0 million, 5% is 6.1 million tokens, which leaves roughly 143,600 still to buy. At the recent weekly clip that is five or six more weeks, provided supply sits still. It does not.